Jack up and semi-submersible rig options look promising for Eco Atlantic – Colin Kinley

Must Read

After more than 4 months with no election results; is Guyana’s uncertainty finally coming to an end?

Investors like stability and predictability. Knowing what to expect in the future forms the basis for multimillion-dollar investments in...

Venezuela sanctions set off fight for ‘plundered’ oil cargo

(AP) — For two months, the Malta-flagged oil tanker Alkimos has been quietly floating off the Gulf Coast of...

75% of targets at Orinduik block hold 3 billion barrels worth of light oil – Holzman

Even though the market has expressed disappointment in the heavy oil found in the Jethro and Joe wells at...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Eco (Atlantic) Oil and Gas’ Chief Operating Officer Colin Kinley said that both jack up and semi-submersible drilling targets in the Orinduik block offshore Guyana reflect very positive economics for development.

Kinley said, “Exxon’s Longtail-1 discovery in the Stabroek Block, further inboard of the Liza field, further demonstrates the world class significance of this region of the Guyana/Surinam Basin.”

He added, “Eco’s location along the slope is defining leads now in similar sands and within the same age formation that are in 70 to 300 meters of water. That means both Jack-up Drilling targets (<100m water) and Semisubmersible (<500m water) drilling. Both reflect very positive economics for development.”

The group said it had nearly completed the interpretation and processing of 3D seismic survey data at its Orinduik Block and had received the Pre-Stack Depth Migration (PSDM) data and this week should receive the conditioned PSDM data from Tullow Oil PLC.

Eco Atlantic added that all the data it received date has already been delivered to French oil major Total. Eco anticipates that the final batch of data would be delivered to Total E&P Activitiés Pétrolières for analysis in the coming weeks. The final report is expected to be delivered in August, said Eco.

According to the company, Total currently has an option agreement with Eco to acquire a 25% working interest in the Orinduik Block from Eco Guyana within 120 days of the final delivery of the 3D seismic survey data report. Eco Atlantic is currently partnering with Tullow Oil Plc on the Orinduik block. Tullow Oil has a 60% stake in the venture alongside Eco with 40%.

A jack up rig is an offshore drilling rig that has ‘legs’ which are lowered to the seabed from the operating platform, usually in shallow waters up to 400 feet. Semisubmersibles rigs, unlike jack ups, float on pontoons and do not rest on the sea floor. They are used in water depths of up to 10,000 feet. Drill ships are used in deepwater and ultra-deepwater wells with depths of 12,000 feet. ExxonMobil is using drill ships such as Stena Carron and Noble Bob Douglas to do both exploration and production drilling in the Stabroek Block offshore Guyana.

- Advertisement -

Latest News

After more than 4 months with no election results; is Guyana’s uncertainty finally coming to an end?

Investors like stability and predictability. Knowing what to expect in the future forms the basis for multimillion-dollar investments in...

TechnipFMC in major deal with Assiut National Oil Processing Company

UK-based TechnipFMC has signed a major Engineering, Procurement, and Construction (EPC) contract with Assiut National Oil Processing Company (ANOPC) for the construction of a new...

Venezuela sanctions set off fight for ‘plundered’ oil cargo

(AP) — For two months, the Malta-flagged oil tanker Alkimos has been quietly floating off the Gulf Coast of Texas, undisturbed by the high-stakes...

75% of targets at Orinduik block hold 3 billion barrels worth of light oil – Holzman

Even though the market has expressed disappointment in the heavy oil found in the Jethro and Joe wells at the Orinduik block, it should...

Brazil’s Petrobras begins decommissioning offshore platform in Campos Basin

Brazilian state oil company Petrobras says it has begun the decommissioning of the P-12 platform in the Campos Basin and will also be moving...

More Articles Like This